Leading brokerage firms like Aditya Birla Money, BP Wealth, Lakshmishree, Ventura Securities and Way2Wealth Brokers have given their “Subscribe” recommendation to Clean Max Enviro Energy Solutions, which is India’s largest commercial and industrial (C&I) renewable energy provider with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025, according to a CRISIL Report

The Company has fixed the price band of ₹1,000/- to ₹ 1,053 /- per Equity Share of face value ₹1 /- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Monday, February 23 , 2026, for subscription and close on Wednesday, February 25 , 2026. Investors can bid for a minimum of 14 Equity Shares and in multiples of 14 Equity Shares thereafter.

Brokerage house reports have highlighted strong fundamentals of the company.

BP Wealth highlights the company is a market leader in the C&I renewable energy sector, with the largest customer base among C&I renewable energy players in India as of March 31, 2025 and September 30, 2025. Also, the company does not participate in competitive tenders with state-owned distribution companies that award projects solely on the basis of the lowest tariff bids. As a result, the company prices its offerings at a premium compared to large utility-scale independent power producers due to its differentiated project economics and risk profiles.

On the valuation front, at the upper price band, the company is valued at an EV/EBITDA multiple of 21.2 times, and given the company’s position within the industry, improving financials and favorable macroeconomic conditions, recommend a Subscribe rating to the issue from a medium-to long-term perspective. 

Lakshmishree highlights the company is a major first-mover in greening India’s AI infrastructure; their contracted capacity for data centers increased 10 times in just 18 months to reach 2,400 MW by late 2025.

On the valuation front, the company’s backing from global giants like Temasek provides a major competitive edge. Recommend a Subscribe rating for investors seeking long-term exposure to India’s green infrastructure and AI-driven power demand.

Way2Wealth Brokers highlights the company has over 95% of its contracted capacity with Investment Grade (A and above) customers, significantly reducing payment default risks common in the utility sector.

On the valuation front, the company is being priced at a premium to ACME Solar but at a discount to Adani Green. Its Price-to-Book (4.2x) is comparable to NTPC Green, but Clean Max offers higher margin potential due to its private-sector focus. Recommend Subscribe for the long term.